Subcommittee To Examine Impact Of Multi-Lateral Development Banks On Job Creation

Washington, Jul 25 -

The Subcommittee on International Monetary Policy and Trade will consider the impact of the World Bank and multilateral development banks (MDBs) on U.S. job creation at a hearing on Wednesday, July 27, 2011 at 2:00 p.m.

The hearing will focus on how MDB lending and assistance to middle-income and poor countries around the world contributes to the U.S. employment base. The hearing will also explore how MDB assistance helps developing nations to transition into emerging markets, at which time they become open economies with opportunities for U.S. exports and other consumer services.

Subcommittee Chairman Miller said, “The United States is a lead shareholder at the World Bank and the regional multilateral development banks. The Administration has requested contributions to the capital at these institutions and has argued that such contributions are important to retaining our leadership position. This hearing will explore how the U.S. leadership position provides benefits for U.S. job creation.

“We cannot lose sight of the fact that these requests are coming at a time when our country must focus on getting our own massive debt under control. During these economically challenging times, Congress must continue to make the difficult choices necessary to reduce the debt and grow our economy. It is important for us to understand the benefits to the U.S. economy and job creation of continuing to assist emerging economies in implementing economic, political, and social reforms. Our committee is interested in learning about how the MDBs help open markets and spur private sector-led economic growth and employment in the United States and the consequences for U.S. economic interests of any delay or reduction in paying what we committed to these institutions.”